What To Watch Out For When Deconverting Illinois Condos
By Daniel Bronson and Courtney Mayster (November 28, 2018, 3:57 PM EST) -- The combination of high rents for the new generation of apartment buildings being constructed in Chicago and the abundance of older condominium buildings in prime locations with less expensive units has resulted in a continuing and growing trend among real estate investors of acquiring and converting existing residential condominium buildings into rental properties. While this process can be more time-consuming than acquiring an existing apartment building, the result can be a win-win with the unit owners receiving significantly higher prices for their units and the investors acquiring an income producing asset at a favorable price....
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